What is construction insurance and how does it help your business?

What is construction Insurance? 


Construction insurance is basically a basket consisting various insurance policies that secure construction projects. In reality, the term “construction insurance” isn’t an actual form of insurance. It rather refers to the different insurance policies that are directly related to construction projects. 



These are some of the insurance policies that come under the umbrella of construction Insurance: 


Public liability insurance:  


As constructions can take place near other properties, there’s a potential hazard of people and other properties getting harmed in the process. This type of insurance covers for any injuries that your business activities might cause to the third party. 


Product liability insurance:  


This one covers the damage caused to a property or client by a product that you supplied, manufactured or imported. 


Structural warranty: 


 If your business is concerned of buying or building new buildings, then this policy can provide you 10 years’ worth of protection. It covers for latent defects that occur while the building is under construction, and is therefore, also known as latent defects insurance. 


Workers’ compensation Insurance: 


This insurance policy covers medical expenses and lost wages for your employees when they suffer a job-related injury or illness.  


Construction is a physically demanding industry with a lot of possibilities for injuries. If any of your employees get hurt on the job, you could be held responsible for the resulting medical bills and lost wages. 


Workers’ compensation insurance protects you, your business, and your employees by covering those expenses.  


Commercial auto insurance 


 A commercial auto insurance policy covers medical bills, legal expenses, and property damage if any of your company vehicles are involved in an accident. This includes trucks and other vehicles that are commonly used during construction projects. 


Business assets insurance:   


To provide efficient services and quality work you need sufficient equipment, tools and materials. This policy covers you for such requirements of your business. 


How can I choose the most suitable insurance for my business? 


There are certain factors that should be kept in mind when you’re thinking of getting the most appropriate insurance policies for your business.  


  • Size of your business 
  • Number of your employees 
  • Scale of your contract  
  • Requirements of your business 
  • Potential hazards 

Keeping all the above factors in mind, evaluate which policies provide security most relevant to your business. For many construction and contractor companies, a single insurance policy might not be enough. Instead, they need a unique set of different insurance policies that each provide a specific type of protection for their business and construction projects. However, you may require an expert to assist you in evaluating the most preferable set of insurance policies for you. If that’s the case, our Construction Insurance providers in Sydney can help you make the best decision, as they are well aware of the covers each policy provides and the exclusions as well. They’ll help you sort out the best options according to your particular business. 

The purpose of such policies is to unburden you of potential problems, and allow you to focus on your business and unleash your true capability, keeping the unnecessary concerns off your shoulders that divert your focus, hinder your work and stress you with unexpected costs. Secure your business with suitable insurance policies and flush away your concerns.  

 

Disclaimer: This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website. 

 

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